World Nondestructive Test (NDT) Equipment Markets - Market Research Reports

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World Nondestructive Test (NDT) Equipment Markets

Description:

Demand from Asia Pacific and Eastern Europe Opens New Doors for World Nondestructive Test Equipment Markets

In spite of the global economic meltdown, demand for NDT equipment is expected to grow albeit at a marginal rate, fueled by technological advances and the emergence of new application areas such as material testing, alternate energy, and complex electronics. The lackluster prospects for traditionally strong markets such as North America are being offset by the high rate of infrastructure development in Asia Pacific and Eastern Europe as well as the growing number of government and environmental regulations in those regions. Overall, a highly competitive market scenario necessitates conformance to stringent quality control standards set by manufacturers, spurring the demand for NDT equipment.

Growth in a wide range of industries such as power supply and transmission, transportation, water treatment, oil & gas, and aerospace has seen an increase in demand for quality and frequency of inspection in emerging countries. This trend has been witnessed in markets such as China, South Korea, India, and Thailand; as well as in Hungary, Poland, Romania, Russia, and Ukraine. High economic growth has pushed pollution to alarming levels and the need for compliance to mandates will positively impact NDT equipment sales. The focus on safety and the continued importance given to standards and the resultant legislations especially in Europe is a significant driver for the growing importance of NDT equipment. While the NDT market has matured over the years, and some segments are experiencing slow growth in terms of percentages, others are likely to thrive, bolstered by the advent of newer technologies and faster inspection methods. Liquid penetration inspection, magnetic particle inspection, and film-based radiographic testing are likely to decline while advancements in ultrasonic and x-ray inspection techniques will provide a strong thrust for the market in the coming years.

Stepping up Training and Increasing Awareness Critical for Higher Uptake of Technology

Though the advantages of nondestructive evaluation in improving safety and operational efficiency are apparent, both end-users and governing bodies alike have been reluctant to adopt new NDT technology. This has slowed market momentum. Another factor that has reined in market penetration is that training institutions are not up-to-date with the latest technologies. “Apart from the fact that training institutions form an important revenue stream for NDT vendors, the lack of available training for the latest NDT techniques hampers the possibility for new equipment sales,” notes the analyst. “To offer customers maximum value for their investments in NDT equipment, vendors are actively incorporating training programs through partnerships with service providers.”

As end-users are focused on increasing the residual life of their assets, a strong customer-centric approach becomes the key differentiator on which participants stake their businesses. In the present scenario, the majority of equipment vendors does not provide inspection services directly but build partnerships with service providers to augment their network and pave the way toward improved customer loyalty. The service segment offers significant potential for NDT equipment vendors. They must go the extra mile and work closely with customers to understand their specific demands while leveraging advancements in technology to deliver easy-to-use solutions.

This Frost & Sullivan research service titled World Nondestructive Test (NDT) Equipment Markets provides revenue forecasts, market share analysis and market trends. In this research, Frost & Sullivan's expert analysts thoroughly examine the ultrasonic inspection, surface inspection, eddy current, visual inspection, and radiography segments.

Contents:

-I. Executive Summary
--1.1 Market Overview

-2. Total World NDT Equipment Markets
--2.1 Market Overview
---a. Forecasts and Trends
----I Industry Challenges
----II Market Drivers and Restraints
----III Market and Technology Trends
----IV Revenue Forecasts
----V. Demand Analysis
----VI Competitive Structure

-3. World Ultrasonic Inspection Equipment Market
--3.1 Market Overview
---a. Revenue Forecasts
---b. Forecasts by End User
---c. Forecasts by Geographic Region
---d. Market Share Analysis

-4. World Surface Inspection Equipment Market
--4.1 Market Overview
---a. Revenue Forecasts
---b. Forecasts by End User
---c. Forecasts by Geographic Region
---d. Market Share Analysis

-5. World Radiography Equipment Market
--5.1 Overview

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